Elon Musk We will not look back in 2022 with nostalgia. As we expected at the time, Trying to buy Twitter was the first wrong move in his career as a tech entrepreneur. For those who haven’t followed through on the sequence, it somewhat went like this: after years of a very strained relationship and after announcing that he was going to found his own social network, “because Twitter doesn’t guarantee freedom of speech” (this, according to Musk of course), On April 4, the founder of SpaceX and Tesla bought 9.1% of the shares of the trill network. He knew almost immediately that despite being the majority shareholder, he still had to share a board table with eleven other CEOs.
Apparently, this was not what he meant, for ten days later, on the fourteenth of that month, Made an unsolicited offer to buy Twitter for $43 billion. Either way it was news and caused both rejection and enthusiasm. But going into space or competing with the centenary industry of gasoline cars is one thing and another to try to control this ecosystem that is the preferred place for the powerful to deliver what they want (including Elon, who has Over 100 million followers today At the same time, the worst factory for rumors and false news that has been circulated. All this, meticulous with the best information, unfiltered sense of humor and everlasting gathering.
LA NACION was skeptical of Musk’s true intentions to stay with Twitter; after every thing, Why didn’t another giant, like Facebook, catch up to him? It was very rare. With Instagram, WhatsApp and Twitter in its bundle, Facebook (i.e. Meta) will have the entire ecosystem of what we call social networks in one hand. Except now Zuckerberg has TikTok, but that’s another story.
In any case, it was rare for Musk to want to pay so much money for something that was in such poor condition that no one else wanted to buy it. But can you back off? Yes, of course. There was a penalty for doing something like that, a billion dollars. But what can I say.
In any case, the decision to buy Twitter was not very wise, and things were about to get much worse. Shares in his main source of foreign exchange, Tesla, began to decline; Among other things, because the billionaire had to get money from there to buy Twitter. What in almost any other context would have been just a show of force (you’re the richest individual in the world, with a fortune of over $270 billion, for some reason), fell an inch off the civil war category. Twitter resignations, the Tesla scandal, etc. It is well known that Wall Street does not like scandals. Among the other pearls that announced those days, Elon, a self-styled free speech despot, said it was wrong for Twitter to shut down former US President Donald Trump’s account., apparently forgetting that the takeover of Congress by Trump supporters cost five people. To make matters worse, Trump said he would not return to Twitter or get paid.
I will misjudge humanity
Towards the end of April and after a little resistance Twitter’s board said it accepted Musk .’s offer. Then, all of a sudden, the billionaire started to question the number of automated spam accounts (spam bot, in terms) officially notified by the Company. If the accusation was real, it was serious and could void the purchase agreement. The problem is that Twitter is publicly traded (its icon is TWTR) and they can’t get around reporting anything. The fight between Paraj Agrawal, the current CEO of Twitter, and Elon Musk over the number of false accounts was more like a WhatsApp group monk than a serious discussion. The point is, while some Musk finally realized the crazy money he was paying for Twitter and for others, it was all a big joke by the entrepreneur (either option is serious), The threat to abort the purchase began to increase. But there was a problem.
No, not the billion penalty (which Musk refused to stop anyway, arguing that he had been lied to about the number of spam bots), but with a letter of contract, At this point he is no longer allowed to leave. Just as he offered the initial amount of 43,000 million, which later became 46,500 million (in exchange for something we left aside so as not to stretch ourselves), Musk withdrew from the deal on the 8th of this month. Simply put, within three months, he has been faithful to his style, he has done something extraordinary. He went from Twitter’s $43,000 million offer (the same amount Microsoft offered in 2008 to buy Yahoo!, which Yahoo! didn’t accept!) to withdrawing from the agreement, as if nothing had happened.
As expected, the businessman was sued by the Twitter board of directors. Logical. With all this melodrama, the company, which was already quite tilted, was left in a disastrous state. This is not legal at first glance. They had their first classic “see you in court” date tomorrow, July 19, 2022, but Musk was requesting that the date be pushed back to February. We will update.
But none of this is really bad for Mask. The really bad thing is that a large part of her strength lies in her elegant and meticulously styled image by the media. Now for the first time terrible child Business, the alpha entrepreneur, the homeless innovator who advanced the world (including Mars), who had the luxury of violating regulations without hesitation and whose will to power seemed to conquer everything, screwed. Even if it came out fairly well from this series, this story showed two things. Musk is human and therefore makes mistakes. He spent years trying to show himself infallible. The story with Twitter is open, but it was definitely a slip.